New statistics show petroleum exploration expenditure in Australia rose by approximately 4 per cent in the 2020 September quarter.
Following a lowly June quarter that recorded a petroleum exploration expenditure of 211.8 million, the lowest in more than ten years, new figures released by the Australian Bureau of Statistics (ABS) show expenditure rose to 220.2 million in the September quarter.
This uptick was due to a 5.9 per cent, or $8.6 million, increase in onshore exploration, which accounted for $155.4 million of the quarter’s total.
This came despite a 4.7 per cent fall in drilling expenditure but was made up for by a 23.2 per cent rise in other onshore expenditure.
Offshore exploration expenditure held steady from the June quarter, with the ABS reporting a .03 per cent fall to 64.8 million.
The bureau said the COVID-19 pandemic had significantly affected its ability to accurately estimate trends in the industry and the ABS would refrain from publishing underlying trend data until more certainty emerged.
For more information visit the ABS website.
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